6th Nov 2024 12:27
(Alliance News) - TBC Bank Group PLC on Wednesday reported robust results in the third quarter and first nine months of 2024, with notable increases in income and profit.
For the three months that ended September 30, the Tbilisi, Georgia-based bank reported GEL418.2 million in pretax profit, about GBP119.4 million, 19% more than GEL351.0 million a year ago.
Total operating income of the London-listed lender rose 23% to GEL753.7 million from GEL615.2 million.
Of this, net interest income was up 15% to GEL492.6 million, while net fee and commission income increased 39% to GEL144.8 million. Other non-interest income was up 40% to GEL116.3 million from GEL83.1 million.
Shares in TBC Bank were up 5.3% at 2,995.00 pence each on Wednesday morning.
For the nine months to September 30, net interest income amounts to GEL1.39 billion, 17% higher than GEL1.19 billion a year ago, while pretax profit was GEL1.15 billion, 16% more than GEL996.5 million a year ago.
Return on equity stood at 27% for both the third quarter and the first nine months of 2024.
TBC Bank's total assets reached GEL37.98 billion as of September, marking a 27% increase from GEL30.00 billion a year earlier.
The bank said it remains on track to hit its mid-term targets of maintaining return on equity consistently above 23% throughout and hitting GEL1.5 billion net profit in 2025.
TBC Bank, primarily operating in Georgia and offering digital services in Uzbekistan, has benefited from the strong growth momentum in the Georgian economy, which grew by 11% year-on-year in the third quarter of 2024. This expansion follows growth rates of 8% in 2023 and 9% in the first half of 2024.
The bank recently upgraded its gross domestic product growth forecast for Georgia to 9%, up from 7%, and for neighbouring Uzbekistan, where it also operates, to 6.5%.
By Eva Castanedo, Alliance News reporter
Comments and questions to [email protected]
Copyright 2024 Alliance News Ltd. All Rights reserved.